The LTR (Long-Term Resident) visa has been designed by the Board Of Investment (BOI) to attract high-potential foreign nationals to relocate to Thailand.
The idea behind the scheme is to stimulate the economy with overseas investment and bring some much-needed post-pandemic cash to the Kingdom.
The government has its eye on 1 million foreign nationals taking up the LTR Visa over the next five years.
This visa is certainly not for everyone and specifically targets educated individuals, high-income earners and those with considerable assets. In short, Thailand wants wealthy people to come and stay long term.
In this post, I'll lay out everything you need to know about this new visa initiative.
Contents
How Long Does the LTR Visa Last?
The visa last 10 years but is divided into two 5-year terms. The initial permission to stay is 5 years, which can then be extended for 5 years. LTR is multiple entry, so you can come and go as you please.
Do I Have to Do 90-Day Reporting?
The good news is that you don't have to report to immigration every 3 months. You only have to report once per year.
Can I Bring Family Members to Thailand on an LTR?
Yes. Your spouse and your children (as long as they are single and under 20 years old) can piggyback on your visa. You are allowed a maximum of four dependents.
Can I Work on an LTR Visa?
Yes. Unlike the Non Immigrant O Visas the LTR Visa allows you to work, and you don't need to work for a company to get a permit.
You don't have to wait for the issuance of the permit either. You can start working/conducting business once you have the visa and have filed for the permit.
You can collect your digital work permit at the Department of Employment at the One Stop Service Center for Visa and Work Permit, Chamchuri Square Building, or at a provincial labour office. The processing fee is 3,000 Baht per year to maintain the digital work permit.
How Much Does an LTR Visa Cost?
When obtained inside Thailand the cost of the visa is 50,000 Baht. Abroad, at Thai embassies and consulates, the cost will vary based on currency conversion. The price is expected to be around 1,600 USD.
Who is Eligible for an LTR Visa?
There are four key categories of person eligible for a Long Term Residency visa, each with varying requirements, as follows:
1. Wealthy Global Citizen:
- You must have a health insurance policy covering medical expenses of no less than 50,000 USD. The remaining coverage period on the policy shall not be less than 10 months on the date of application. Or you can provide evidence of savings of at least 100,000 USD held in a Thai bank account or overseas bank account for no less than 12 months before the date of application.
- You must have proof of personal income of at least 80,000 USD (annually) over a period of 2 years prior to the application date.
- You must have at least 1 million USD in assets.
- You must have an investment of at least 500,000 USD in Thai government bonds, foreign direct investment or Thai property.
2. Wealthy Pensioner:
- You must have a health insurance policy covering medical expenses of no less than 50,000 USD. The remaining coverage period on the policy shall not be less than 10 months on the date of application. Or you can provide evidence of savings of at least 100,000 USD held in a Thai bank account or overseas bank account for no less than 12 months before the date of application.
- You must have proof of personal income of at least 80,000 USD (annually) over a period of 2 years prior to the application date. If your personal income is between 40,000 and 80,000 USD per year, the applicant must invest at least 250,000 USD in Thai government bonds, foreign direct investment or Thai property.
3. Work From Thailand Professional:
- You must show an employment contract or service agreement with a business in Thailand or abroad.
- You must show proof of work experience in one of the BOI (Board of Investment) targeted industries for a minimum of 5 years performed within 10 years of the visa application date.
- Your current employer must be a public company listed on the stock exchange, or a private company in operation for at least 3 years with a combined revenue of at least 150 million USD in the last 3 years.
- You must have a personal income of a minimum of 80,000 USD per year for the past 2 years.
- In the case of having a personal income between 40,000 and 80,000 per year for the past 2 years, you must have a Master’s degree or above or own intellectual property or receive Series A funding of no less than 1 million USD.
- You must have a health insurance policy covering medical expenses of no less than 50,000 USD. The remaining coverage period on the policy shall not be less than 10 months on the date of application. Or you can provide evidence of savings of at least 100,000 USD held in a Thai bank account or overseas bank account for no less than 12 months before the date of application.
4. Highly Skilled Professional:
- You must show an employment contract or service agreement with a business in Thailand.
- You must show proof of work experience in one of the BOI (Board of Investment) targeted industries for a minimum of 5 years except for applicants with a PhD or above in a relevant field.
- You must have a personal income of a minimum of 80,000 USD per year for the past 2 years.
- In the case of having a personal income between 40,000 and 80,000 per year for the past 2 years, the applicant must have a Master’s degree or above in science and technology or special expertise relevant to the job assignment in Thailand. There is no minimum income requirement for foreign workers who intend to conduct work in government higher educational institutions, research centers, specialized training centers, or government agencies.
- You must have a health insurance policy covering medical expenses of no less than 50,000 USD. The remaining coverage period on the policy shall not be less than 10 months on the date of application. Or you can provide evidence of savings of at least 100,000 USD held in a Thai bank account or overseas bank account for no less than 12 months before the date of application.
LTR Health Insurance Coverage
If you're wondering what health insurance might cost you to meet the terms of an LTR Visa, try a quick quote from Cigna.
As standard they offer:
- International coverage on in-patient and out-patient care
- A minimum annual medical cover limit of $1,000,000
- Full COVID-19 cover
- A global network of 1.6 million hospitals
- Tailored plans for your needs
Other Key LTR Visa Benefits
Fast Track Airport Privilege
As with the SMART Visa, also issued by the BOI (Board of Investment), the Long Term Resident Visa gives you access to the fast track lanes at Thailand's international airports. In short: no more waiting in line like us peasants :).
Personal Income Tax Reduction
For those in the Highly Skilled Professional category, personal income tax will be capped at 17% instead of the standard 35%.
To qualify, the professional must:
- Work in specified industries for qualifying entities, education institutes, research centers, or government agencies.
- Earn assessable income while performing duties for an eligible company.
- File a personal income tax return (P.N.D. 95) as required.
- Opt for an agreed flat tax rate of 17% with the employer.
Other Categories: Income Tax Exemption
LTR Visa holders in the Wealthy Global Citizens, Pensioners, and Remote Professionals categories enjoy an income tax exemption on foreign-derived income or assets brought into Thailand. Note that this exemption excludes Highly Skilled Professional LTR holders.
Thai-Foreigner Employment Ratio Exemption
Generally speaking, when you start a company in Thailand you must hire four Thai employees for every foreign national. Those with an LTR Visa are exempt from this rule, making it easier to start a company and employ the skilled labour you require.
Route to Citizenship
LTR holders are eligible to apply for permanent residence or citizenship after staying in Thailand for three or five years, respectively.
How Do I Apply for an LTR Visa?
The LTR visa is applied for online via the BOI website.
You will apply and, if accepted, be given an endorsement letter.
Qualified applicants can proceed with applying for the LTR Visa at a Royal Thai Embassy or Thai Consulate overseas, or at an immigration office in Thailand. You have 60 days from the issuance date of the endorsement letter to apply.
If you collect the visa in side Thailand the processing fee for the 10-year visa with multiple entry is 50,000 Baht per person. If you apply overseas the visa fee will be subject to local exchange rates.
I Don't Meet the Requirements, What's the Alternative?
The closest alternatives to the LTR are the SMART Visa and the Elite Visa.
The SMART Visa is aimed at investors and entrepreneurs and skilled workers, whereas the Elite Visa is for anyone who can afford the high price – the cheapest category is 500,000 Baht.
Or perhaps a retirement visa?
My Thoughts on the LTR
I think the LTR Visa benefits are very good.
Finally a visa where you don't have to report to immigration every 90 days!
You get 10 years, albeit broken into 5 year chunks, with an extension required in the middle – no big deal.
You can come as a family, with your spouse and kids allowed on the visa (maximum 4 people).
The visa offers a fast route to citizenship, but don't be fooled. That's just a fast route to being eligible to apply; the actual process will take many more years to complete.
There are no restrictions on working, and a work permit is part of the package.
If you are a highly skilled professional working on an LTR Visa you get an income tax reduction of 50% (from 35 to 17%), and if you want to start a company under any category you can avoid having to employ 4 Thais for every one foreigner.
However…
I think they may be overestimating the number of wealthy people who:
A) want to relocate to Thailand
B) also want to invest 500,000 USD in Thai government bonds, foreign direct investment or Thai property (250,000 for a wealthy pensioner).
I don't think the income requirement is prohibitive, and the 1 million USD in assets probably isn't a huge stretch considering most will own a property or two. Most people in these categories will have an existing health insurance policy that meets the requirement.
But will wealthy individuals who meet this criterion want to invest such a large sum of money in Thailand?
Would they not seek better, safer investment opportunities elsewhere?
Moreover, would their money not be tied up elsewhere, and would they be willing to release such a big sum to move to Thailand.
Perhaps the BOI are relying on the fact that people “will do anything for love”. But, I fear that, perhaps, they “won't do that” (RIP Meatloaf).
If you have that much money then surely you just pay for the Elite Visa. And for the wealthy pensioner (or over 50s in general), just get a retirement visa and pay an agent to do all your reporting and extensions.
In a roundabout way I think the Work from Thailand Professional category is naively aimed at legitimizing some of the digital nomad community, at least the wealthy ones, anyway.
However, I doubt there are more than a handful working for listed companies or companies that have earned 150 million over the last few years.
My experience of the digital nomad community is that most are freelance coders, content writers, eCommence store owners, affiliate marketers or something in between. Most are self-employed or running small businesses.
Moreover, most are quite secretive about what they do and enjoy the “under the radar” / grey area of working online in Thailand. I just can't see this type of person wanting to tie themselves up in this visa contract.
As for the Highly-Skilled Professional category, I feel this is the area in which they might see some traction. However, for those working in the science and technology sector there is some crossover with the SMART Visa, which may be an easier option.
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